I do not claim to be a real estate guru, or have any deep knowledge of the Toronto Real Estate market, but I did make a decision this summer not to buy a condo in the city, rather rent and invest money in more secure real estate (which has yet to happen).
It is pretty obvious that things are changing in the Toronto condo market, condos of similar size and location are now being listed for 219,000$ +/- where the same condo would have been listed at at least 249,000$ +/- between last March and this September. For obvious reasons, you don’t see agents admitting this in any Star or Post articles yet, but the time is coming, you can see the barometer changing. I don’t have hard data to prove this, just a sample of listings in a few neighborhoods.
So, wait until the new year, another hike in interest and prices continuing to fall, we might just get the glut of condos in the market that we had been expecting. Detached houses would be sure to follow 6-8 months later I would think.